Taxation of non-resident trusts in Canada and taxation of Canadian beneficiaries of non-resident trusts qualified as foreign investment entities

As a general rule, non-resident trusts are not subject to taxin Canada and distributions from Canadian non-resident trustsare not subject to tax in the hands of the Canadian beneficiaries.However, there are exceptions. The purpose of this article isto focus on the new conditions under which a non-resident trustcould be subject to tax in Canada or treated as a foreign investmententity for tax purposes which triggers a Canadian tax liabilityfor the beneficiary.     

Trusts find a tax rule within the Italian financial bill 2007

The revision of the Italian tax laws on trusts reduces the riskof different interpretations on the taxation of trusts and whichshould encourage a better understanding and use of trusts byresidents in Italy. The authors examine the new law and discussthe interpretation of some of the more difficult provisions.     

New legal provisions on trusts in Italy: back to foundations: an italian retrospective

The article focuses on the enactment of new civil law rulesas well as tax measures in Italy as a consequence of which theauthor expects that high net worth individuals will turn theirattention back to the setting up of foundations instead of trusts,in particular in cases where immovable property is concerned.     

Taxation and trusts

It really is necessary that people, resident and taxable inEngland, should die earlier. Long life is an anti-social activity.It denies the government taxation to which it feels it is trulydue. Early deaths, particularly amongst the wealthy, are necessary:it is the patriotic duty of those with wealth to shuffle offtheir mortal coil as soon as possible and to allow the governmentas much inheritance tax as possible. Ghoulish though this mayseem, it is clearly a view of the current British Government. Why do we say this? The Paymaster General, in explaining thenew rules for inheritance tax treatment of settlements, justifiedher policy in the term ‘Because trusts do not die,     

Trusts and Estates 2006/07 * Matthew Hutton MA (Oxon), Ed.

Matthew Hutton's fifth edition on the taxation of trusts andestates, one of Tottel's core tax annuals presents the law asit was     

The UK 'non-dom' and non-resident trusts

The Commissioners decision in the recently reported case ofRobert Gaines-Cooper (SpC 568) has raised some interesting pointsfor tax practitioners and their clients. Momentarily, it hasbrought to public scrutiny the predicament of a citizen bornin the UK, who chose to live for significant periods abroadbut spent the rest of his time in the UK; and who, by so doing,wrongly (in the eyes of HMRC and the Special Commissioners)considered himself to be non-resident and non-domiciled forUK tax purposes, a mistake with significant and adverse taxconsequences for him. Whilst of immediate concern to tax practitioners,should this decision be of equal concern to trust practitionersadvising on the potential     

New relaxed regulatory regime for private international charities: the Manx Private Charitable Foundation

The Manx Private Charitable Foundation has become a highly attractivevehicle for private charitable arrangements following on a changein the regulatory legislation in the Isle of Man in 2008, especiallywhere there is no UK inheritance tax or US estate and gift taxissues for donors. In the Isle of Man which has its own unique legal system, since1986 non-local charities have been almost impossible to establish,consequent upon the passing of the Charities Registration Act1986. However, with the adoption of the Charities (Exemption)Regulation 2008 that has now changed. Manx law has followed English law in the past. However, thenew English legislation of 2006 has not been followed. The old‘Pemsel Case’     

家族信托的法律困境与发展

2013年年初首个家族信托案例在中国大陆出现,受到了媒体和学界的关注.家族信托这个源自于英国的法律制度已经在世界很多国家长期承担着税务安排和家庭成员照料等功能,但我国法律界对其还没有深入研究.信托在我国现在还主是一种融资手段,并没有承担起财产管理的传统任务,所以对家族信托这种财产管理型信托的研究,有助于我国信托制度的整体发展和转型.本文考察了现有家族信托的形式和内容,研究了家族信托在传统和现代的功能,并分析了我国现有法律制度下,家族信托的立法空白和限制,在此基础上,结合我国家族信托的生长环境提出了改革的方向.     

Trusts in prime jurisdictions * By Alon Kaplan and Barbara R Hauser, Eds

It is six years since the first edition of this book was reviewedin Trusts & Trustees (See Trusts & Trustees Volume 7,Issue 5, April 2001, pp. 30–33. The new edition reflectsmany of the changes in international trust jurisdictions. Geoffrey Shindler sets the scene in his preface. His commentthat we have barely seem to have drawn breath since that firstedition is reflected in the numerous new and revised chaptersof the book. In every jurisdiction where trusts are practised,he says, the overriding concern is the extent that our thoughtshave been dominated by regulation and anti-money launderingmeasures. The trust has been used as the scapegoat for the government'sinability to deal with crime—internal and external. Heuses succinct phrases in referring to the occasional assumptionby governments that: ‘trusts must, by definition, be involvedin money laundering in     

促进企业R&D投入的税收法律制度研究

税收优惠日益成为引导和激励R&D(研究与发展)的重要因素,从而成为影响企业技术研发投入的诱因和重要考量。近年来各国纷纷提高对R&D投入的税收优惠力度,并推出多种多样的优惠方式。我国新《企业所得税法》也不例外。本文试图寻找这种优惠竞赛的经济合理性,并着重从比较法的角度考察一些代表性国家的税收优惠制度,分析其利弊得失,作为我国完善相关制度的参考。论文指出,英国关于亏损中小企业的税收优惠现金奖励制度尤其值得关注。     

The Changing Position of Legal Academics in the United Kingdom: Professionalization or Proletarianization?

This article analyses changes to United Kingdom (UK) university law schools during the period coinciding with Phil Thomas’ career as a law teacher – the latter part of the twentieth century and the first two decades of the twenty-first – in part illustrating the analysis with other examples from Thomas’ career. We will focus specifically on the way in which what it means to be a legal academic has altered, with UK legal academics having been professionalized as a community during this era. Yet, seemingly paradoxically, it is also an era during which, many have suggested, academics in UK universities have become a proletariat.     

The United States as an offshore asset protection trust jurisdiction--the world's best kept secret

This article concerns the use of US asset protection trustsby non-US settlers. After considering the basics of US assetprotection trusts, it examines key issues including fraudulenttransfers, revocability, powers of appointment and the income,gift and estate tax consequences for non-US settlers beforefinally turning its attention to the issues of jurisdictionand the recognition and enforcement of foreign judgments.     

Holding assets in Israel

This article concerns the use of US asset protection trustsby non-US settlers. After considering the basics of US assetprotection trusts, it examines key issues including fraudulenttransfers, revocability, powers of appointment and the income,gift and estate tax consequences for non-US settlers beforefinally turning its attention to the issues of jurisdictionand the recognition and enforcement of foreign judgments.     

Alternatives to trusts: a brave new world?

The UK's changes in the taxation of trusts have not inspiredconfidence in the long-term tax treatment of trusts in the UKand practitioners are considering new alternative mechanisms.The author examines the alternatives.     

Inheritance tax on trusts

In addition to the extensive changes made by the Finance Act2006 to the inheritance tax rules on trusts, there is now afurther significant development. HM Revenue and Customs (HMRC)have recently responded to a number of questions raised by severalprofessional bodies including STEP (the Society of Trust andEstate Practitioners) and the CIOT (the Chartered Instituteof Taxation) on a number of detailed points on the new legislation.The responses from HMRC are very helpful and will clarify anumber of important matters, although there are a number ofissues that still need to be resolved. The main areas whichwere covered in the questions are outlined in this article.     

Parker's Modern Wills Precedents, 5th edn * By Michael Waterworth MA (Cantab)

Trusts set up by will, will trusts, are governed by similarconsiderations to those affecting inter vivos trusts. Frequentlyin trust textbooks the authors do not tell us that will trustshave some significant difference from inter vivos trusts. Thelatter may be set up quite informally by a mere declarationof intention and the transfer of the trust property to the trustees.But will trusts can only come about if the law relating to makinga valid will has been complied with. This tends to get overlookedunder the shadow of possible inheritance tax